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By George Wolff

To THE average person, the purport of the items and figures on the balance sheet of a mining company are hazy and the real financial condition of the company is cloaked in obscurity. It is also likely that the satisfaction of the stockholder in his investment, as well as the determination of the prospective investor, rests more on the reputation of the company, his confidence in the management, the stated earnings per share and the dividends paid, than on a comprehension of the information contained in the balance sheet. The balance sheet of any company at best can only closely approximate the true financial condition as of a given date. Any item of asset, except cash, can probably be altered if another's viewpoint is applied. It is difficult and expensive to drill and explore an orebody to determine the entire tonnage of ore therein. Those inherent difficulties render it practically impossible to prepare an absolutely correct balance sheet of a mining company. It is possible, however, to present the facts of a mining company more intelligently and comprehensively than is usually done. With this, in mind, a balance sheet of an imaginary mining company is submitted, with supporting schedules. The same fundamental principles hold true whether we consider a large or a small company. Less complexity is involved in dealing with the affairs of a smaller company. Therefore, for this purpose, the assumed company operates but two mines and a smelting plant. It has been deemed advisable to introduce the features of the operation of a mine acquired prior to March 1, 1913 and one after that date. The presentation therefore is concerned in one mine with the appraisement as of March 1, 1913 and in the other with the appraisement by reason of discovery. A consequential factor pertains to dividends paid from depletion reserves and therefore free of surtax to the stockholders. While supporting schedules, when necessary, give details of certain items on the balance sheet, it seems desirable to give further explanations with respect to some of them. This seems to be important because some mining companies do not treat the items as indicated on the statements submitted.

Jan 1, 1928

By A. L. Labbe

SOON after the Cottrell treater was placed in operation in the Murray plant in 1918 to treat combined lead sinter and Wedge roaster smoke, it was noticed that the power flowing through the treater did not remain constant. This was indicated by the varying milliamperes and also by the total amount of power consumed by the rectifiers. At times, for then unknown reasons, the treater current fluctuated through a wide range of from 40 to 300 milliamperes. Fortunately, these variations in power did not affect the treater's overall recovery, as this installation consisted of three independent units in series, a feature which made the Murray Cottrell an outstanding installation over many years of operation. Water conditioning of the smoke as a means of improving recovery was already known, but was not adaptable to this installation for reasons of excessive corrosion, which had been the case with other treaters using water as a conditioner exclusively. Tests conducted on the smoke had proved conclusively that water vapor played no part in the fluctuation of power, and the same was true of the SO2 contents and dust burden of the smoke. Neither did temperature variations of from 150 to 400°F have any effect on the power. Finally it was noticed that the variation in power taken by the treater, and the efficiency of recovery, had some definite relation to the number of Wedge roasters operating, and particularly to the sulphur contents of the charge. This observation soon led to the discovery that free sulphuric acid was the conditioner for Murray smoke and that variations in acid contents of smoke accounted for fluctuations of treater power. Analysis of recovered dust revealed that only a few hundredths of a per cent free acid was necessary to maintain a very efficient recovery. Once this knowledge was available, the roaster charge was adjusted as to sulphur contents to produce the necessary acid conditioner. For a number of years this practice was followed, but with improvements in the field of flotation, excess pyrites were eliminated from the smelting picture, so with a change in metallurgical practice we were confronted with the problem of providing the deficiency in acid by some other means. The situation was aggravated and our problem of acid conditioning made more difficult by the increase in the lead contents of concentrates roasted resulting from better flotation methods. The first step towards introducing acid vapors into the smoke stream by accessory means was accomplished by boiling sulphuric acid in cast iron pots placed in an open fire box. Acid fumes evaporated from the pots together with the combustion gases from the fire box were discharged into the flue through a cast iron pipe. Capacity of the iron pots was quite limited because of the comparatively slow rate of evaporation and the use of lump coal as a fuel, which did not lend itself to practical temperature control. This method of firing resulted in frequent pot failures due to overheating. In spite of these incidental difficulties, encountered in any new venture, the pot evaporator demonstrated the practicability of fuming sufficient acid to make up the deficiency in that naturally evolved in the Wedge furnace operation. As time progressed, less and less high sulphur material was available for Wedge roasting, and the necessity for accessory acid conditioning reached a climax when the supply of this material was entirely eliminated. Since the cast iron pots could only evaporate a few hundred pounds of acid per day, and were costly to replace, the logical thought presented itself of spraying the acid in a heated chamber. This new type of acid evaporator was simpler and more economical to operate and had sufficient capacity to fume several thousand pounds per day. The attached fig. 1 presents the outstanding features of the new furnace. A is the vaporizing drum, which is heated by the combustion gases of coal stoker fire box, B. Acid is sprayed into the hot gas stream within the drum through a number of air-acid atomizers, C, and the acid vapor, together with combustion gases, is introduced into the smoke stream through two cast iron pipes extending to different points in the flue. The operation of this type of furnace requires control of temperature inside the drum to prevent overheating, which dissociates the acid vapor to SO, and eventually to SO2, with resulting loss of acid. The dissociation to SO, at elevated temperatures is comparatively high, and in some cases accounts for as much as 60 pct of the acid sprayed into the drum. To reduce the loss of acid, through dissociation, some Cottrell plants, where the rate of acid sprayed reaches at times 9 ppm, use two evaporating units. Fuming the acid into the smoke stream is only

Jan 1, 1951

By F. Julius Fohs

TAKING into consideration the present state of geologic knowledge and present economic status of the oil industry, we have attempted to outline the six principal districts in which oil occurs and new pools may be expected. The map, Fig. 1, also shows the location of the present productive pools-about 100 in number. The unshaded areas represent territory where drilling depths to known sands are prohibitive with present development and pumping methods, or such sands are absent or give promise of such small production that deep wildcat tests are unwarranted. They include, also, territory where the oil-source materials are absent or not of the right type; and where shales are insufficient in the stratigraphic section to prevent the escape of oil and gas. Some doubtful districts are also included, such as the Pecos Valley, where the percentage of rigid beds, sandstones and limestones may be too great; and the Nacogdoches oil field, where small shallow production is obtained but where deep or large production is unlikely. The map is not offered as final but in the hope that it may prevent the expenditure of large sums in attempted development of unlikely territory and as the warning that those who drill in the unshaded territory do so at great risk. Those who drill in such territory should have large sums available for pioneering and experimenting and only attempt it if they can well afford to lose the money expended. Search in the shaded or cross-hatched areas is hazardous enough and should only be undertaken after detailed geologic surveys. Out of a total area of 256,000 sq. mi., the oil and gas districts comprise about 80,000 sq. mi.; the territory embraced in these districts is shown in the shaded portions. This may ultimately be increased somewhat by the addition of some minor districts, but such additions will be offset by territory probably now included in the unshaded areas. The shaded areas probably contain 98 per cent. or more of the ultimate production of the state, despite the fact that they represent only 31 per cent. of the total area.

Jan 3, 1924

By S. A. Wookey

More than 90 per cent of the ore produced by stoping at McIntyre is mined by horizontal cut-and-fill methods. The remainder is mined by square set and fill. In the stopes on the upper levels, mill holes are spaced 80 ft. apart and usually it is feasible to mine the breast for the full distance between the mill holes in one operation and to break, clean out and fill without any support for the roof or walls, other than the odd crown bar or sprag. The ore is scraped to the mill holes by small (10 to 15 hp.) air-operated slusher hoists. No grizzlies are used over the chutes and care is taken to break up the big pieces beforehand. Fill usually is spread by tramming sand or waste in a one-ton car from the fill raise. Fill raises are driven parallel to the strike of the vein and are inclined at approximately 48°. In long stopes, where more than one fill raise is necessary, they are spaced about 300 ft. apart. It is sometimes necessary to stand square sets for a short distance each way under the brow of the fill raise. support needed increases and on the lower levels and in some wide stopes where closer support of the back is necessary, it has become standard practice to timber the stope with 12 by 12-in. timber. Rough timber sets consisting. of caps, tightly blocked to the back and supported on posts 7 ft. high, are placed at about 5 ft. intervals. These sets are generally salvaged from the lower breast before blasting and are used again on the upper slice after the fill has been placed. In general, two or three breasts may be broken down before mucking out and filling and the ground stands long enough to enable this to be done safely. On the lower levels and in certain wide stopes and in heavy ground, a more intermittent method must be used. Only one breast or even part of a breast can be blasted and the back must be timbered before the ore can be removed. In these cases, sill timbers 16 ft. long, supported at one end on posts from the fill and at the other end on pins inserted in holes drilled in the face, are used. Timber cribs 5 by 9 ft. built from the fill to the roof and tightly blocked to the back are used throughout the mine to reinforce both the timber sets and the square sets.

Jan 1, 1946

By Persifor Frazer

The accompanying diagrams represent a lamp provided with certain improvements which render it more serviceable for the use of the engineer or other mining official who is often compelled to visit several mines a day remote from each other, and may be called on to use the magnetic needle in any or all of them. These requirements demand that the material of which it is made should be copper, and that it should be capable of being closed oiltight, for emptying and refilling the lamp at each mine would be a less expeditious as well as a less cleanly process, and transporting a lamp of the ordinary kind over rough roads on horseback or in wagon, would result in spilling the greater part of its contents. The general form of the lamp, including the false back to keep

Jan 1, 1882

By Benjamin C. Greene, H. Beecher Charmbury

Water is a most remarkable substance, essential for life of all kinds. As well as needing water to survive, man has always used it for agriculture, transportation, recreation, and many other things. When our country was young and inhabited by few people, the streams, rivers, and lakes were able to provide all the clean water needed by man and take away all the wastes created. However, with our growing population and an ever-increasing demand for goods and services, the public, industry, and government at all levels have become acutely aware of the need to manage the nation's water resources more efficiently. Abundant energy from many sources has helped this nation to become the greatest industrial nation in the world. Coal has contributed a major portion of this energy, generating electricity, running railroads, and maintaining national security during wartime. The result has been the highest standard of living in the world and a time of widespread economic prosperity. The use of water in coal mining is somewhat different from its use in most industries. With the exception of water used in cleaning plants, for underground dust control, and for fire protection, most of the water en- countered in coal mining operations serves no useful purpose. In other words, it is an undesirable element and must be removed, otherwise it will interfere with operations, cause potential water quality problems, and may even stop operations by flooding. In the past, removing water from working areas of most mines was usually a fairly simple matter. Pumps with piping were installed at sumps or low spots in the mine and the water was pumped to the surface or to drainage control facilities constructed for the operation. Ditches were often used to collect and drain the water by gravity to the outside or to main sumps for pump discharge. In either case, the water was allowed to flow into the nearest stream or river. The concept of "water is water'' was generally accepted without too much concern for what was in

Jan 1, 1981

By Frederic Benard

This paper constitutes a preliminary report on experimental work done to date on the anode-furnace treatment of blister copper containing relatively high percentages of nickel. The investigation has not been completed but results obtained to date are considered of sufficient interest to warrant publication. Blister copper treated by the Ontario Refining Co. originates from the Copper Cliff smelter of The International Nickel Company of Canada, of which the former is a wholly-owned subsidiary. The blister as received contains from 0.50 to 1.50 per cent Ni, and in this respect differs from that treated by other refineries on this continent. During the anode-furnace treatment, only a portion of the nickel content is removed, and of the amount remaining in the anodes a varying percentage is found in the anode slimes. This necessitates a more extensive treatment than ordinary nickel-free material. Sometimes it is necessary to repeat roasting and leaching operations several times before the nickel colltent is low enough to permit the slimes to proceed to the dorè furnace. This, besides increasing treatment charges, causes greater selenium stack losses and involves a longer tie-up of precious-metal values. Therefore this investigation was undertaken with the aim of determining the factors influencing the diversion of nickel into the anode sludge. From experience it was known that by keeping the nickel content of anodes at 0.55 to 0.60 per cent maximum a relatively satisfartory slime resulted. One avenue of attack therefore was developing improved elimination in the anode-furnace treatment so that the anode content mentioned above was not exceeded. Another angle was to improve the solubility, during electrolysis, of the nickel constituent in the anodes, thus decreasing the percentage diverted to slimes. . It may be mentioned here that nickel dissolving electrochemically and entering the electolyte presents no difficulty from a treatment standpoint. Both of these approaches were studied and are discussed separately below.

Jan 1, 1943

By Frederic Benard

This paper constitutes a preliminary report on experimental work done to date on the anode-furnace treatment of blister copper containing relatively high percentages of nickel. The investigation has not been completed but results obtained to date are considered of sufficient interest to warrant publication. Blister copper treated by the Ontario Refining Co. originates from the Copper Cliff smelter of The International Nickel Company of Canada, of which the former is a wholly-owned subsidiary. The blister as received contains from 0.50 to 1.50 per cent Ni, and in this respect differs from that treated by other refineries on this continent. During the anode-furnace treatment, only a portion of the nickel content is removed, and of the amount remaining in the anodes a varying percentage is found in the anode slimes. This necessitates a more extensive treatment than ordinary nickel-free material. Sometimes it is necessary to repeat roasting and leaching operations several times before the nickel colltent is low enough to permit the slimes to proceed to the dorè furnace. This, besides increasing treatment charges, causes greater selenium stack losses and involves a longer tie-up of precious-metal values. Therefore this investigation was undertaken with the aim of determining the factors influencing the diversion of nickel into the anode sludge. From experience it was known that by keeping the nickel content of anodes at 0.55 to 0.60 per cent maximum a relatively satisfartory slime resulted. One avenue of attack therefore was developing improved elimination in the anode-furnace treatment so that the anode content mentioned above was not exceeded. Another angle was to improve the solubility, during electrolysis, of the nickel constituent in the anodes, thus decreasing the percentage diverted to slimes. . It may be mentioned here that nickel dissolving electrochemically and entering the electolyte presents no difficulty from a treatment standpoint. Both of these approaches were studied and are discussed separately below.

Jan 1, 1943

By M. W. Strong

THE technique of handling drilling muds varies somewhat, partly because of personal factors but mainly because of differences in forma-tion, the type of problems met with, and the general drilling conditions in different localities. The much greater depths to which bore holes are now carried have made necessary closer attention to and great modifications of all aspects of drilling-mud technique. Increased depth means smaller hole, smaller drill pipe, smaller clearances, higher pumping pressures, higher differen-tial pressures between shows and the mud column, less accurate control of the weight of the mud column, delayed receipt of formation data, and poorer samples. It means longer delays and greater hazards in rectifying mistakes or dealing with accidental occurrences. Equipment on a larger scale is necessary and more pains must be taken with layout. Lastly, the budget costs of raw materials have risen to high figures and economy of time and of direct monetary expenditure have come to mean much more than formerly. A mud laboratory is now part of the essential establishment of a modern oil field and to it current problems can be submitted for the most thorough investigation. The detailed chemical properties of all mate-rials purchased or quarried have to be investigated. Detailed data on the physical properties have to be ascertained and research on improve-ment of material and its most efficient use has to be carried out. In this paper we propose to discuss the main mud problems with which we have to deal in Iran, some of which are peculiar to our local conditions while others are of the general type common to all workers in this subject.

Jan 1, 1938

By P. Somasundaran, D. R. Nagaraj

Based on our finding that commercial copper chelating solvent extractants such as LIX65NR and LIX63R are excellent collectors for copper minerals, a detailed study was made using several water-soluble chelating agents belonging to the class of aromatic hydroxyoximes and having a gradual structural variation. A basic study of the system salicylaldoximetenorite was also carried out. Microflotation tests as a function of concentration of oxime, pH, addition of copper, etc., using oxidic copper minerals such as chrysocolla and tenorite, and batch laboratory flotation tests using synthetic mixtures of quartz and oxidic copper minerals were carried out. The results have demonstrated that the hydroxyoximes studied have comparable collector property, and in all cases the oxime was found to be partitioned between the mineral surface and the copper in the bulk aqueous phase in the form of a bulk copper chelate. The occurrence of the latter could be accounted for by formation in the bulk phase of a chelate between oxime and copper released from the mineral and/or by the detachment of the surface chelate. The role of surface and bulk chelates in flotation is discussed based on the results of partitioning of chelating agent into bulk and surface chelates in the salicylaldoxime-tenorite system. The effect of structural aspects such as isomerism and substitution in the molecule on the collector property of the oximes is also discussed. Substitution on oximic carbon by alkyl groups is found to promote collector activity. Only the anti-isomer has the ability to collect.

Jan 1, 1982

By A. K. Knickerbocker

PRACTICALLY all underground work on the Minnesota iron ranges is done by miners working on a so-called contract wage system. This system, while it has certain advantages over the straight day's pay or company-account method of wage payment, has serious and vital defects. In view of the scarcity and demands of labor, it is important that employers of labor scrutinize their systems of wage payments carefully, not only to save losses and trouble, due to labor disturbances, but also to secure the greatest efficiency of their workmen and reduce their operating costs. It is admitted that an adequate, just, and equitable wage is the prime factor in bringing about these benefits. The wage of labor and its method of application and payment have been, and always will be, the main factors in the unrest and dissatisfaction of labor. Not only does labor want and need an adequate wage, assuming that work is adequately performed, but it wants and is entitled to a just and equitable wage. Labor must have respect for the fairness of the wage and for the fairness of the management in the application of the wage. It is conceded that the Minnesota iron miners are now, and have been, in the main paid adequately, but the inherent defects of the so-called contract system prevent any just or equitable application of this wage to the various units of the labor body. The defects of the contract system, with its obvious inequalities, favoritisms, and injustices, are cancers in the brain of labor. Every thinking miner realizes these defects and knows just what they are; the unthinking do not realize the details of the subject, but each month they are forcibly reminded of these defects through the pay envelope. As practiced on the iron ranges, however, the so-called." contract" system is not a contract and the name is a misnomer. No true contractual obligation exists.

Jan 2, 1920

By Raymond E. Funderburk

Today, there are four alternatives available for disposal of highly toxic, non-radioactive hazardous waste: deep well injection, chemical processing, landfill and incineration. However, based upon research conducted by the author, a fifth alternative now exists. Disposal in salt. Salt, because of its chemical characteristics, is an ideal medium for retention of inorganic hazardous waste. Except for a few elemental compounds such as lithium and potassium, there is no reaction with sodium chloride. In the family of inorganic wastes, there are basically seven suites of waste that may be mixed together without any chemical reaction. The process developed by the author would be to take a suite of waste, either dewater or add moisture, add a solidification agent to the mix and slurry pipeline the mass into a cavern. Residence time before hardening can be adjusted, but the nominal time until full solidification is 48 hours. Once solidified, the mass will reach compressive strengths exceeding 3000 psi. The slurry can be introduced into an evacuated cavern pumped free of brine, or it can be placed beneath the brine and the waste will force the brine to the surface. The latter technique requires a high degree of engineering control to prevent contamination of the brine leaving the cavern-thus creating more hazardous waste and additional problems. The Environmental Protection Agency endorses the concept both at the research level and within EPA Headquarters. The technology will soon be utilized in a salt formation in Texas.

Jan 1, 1985

By M. T. Hepworth, A. K. Stewart

Iron containing 0.1 pct A1 and -0.9 pct P by weight was internally oxidized in the temperature range 900° to 1300° C, where the bcc structure is stabilized by phosphorous. By measuring the depth of penetration of oxygen with time in an internally oxidized zone for an imposed surface oxygen potential, oxygen permeability was determined. The dgfusion coefficient of oxygen in iron was then calculated using known solubility data, yielding the expression: where Do is the diffusion coefficient of oxygen in bcc iron in sq cm per sec and T is temperature in OK. RECENTLY Hepworth, Smith, and Turkdoganl measured the diffusivity of oxygen in bcc iron and reported the temperature dependence of diffusivity from data determined in the a, and 6 temperature ranges. Subsequently Swisher and Turkdogan' have measured the diffusivity of oxygen in fcc iron. Internal oxidation techniques were employed by these investigators and in this current study. The analysis of this technique is developed by wagner3 (presented in English by Hauffe4 and Rapp 5). In this present study bcc iron stabilized by phosphorous was used to determine oxygen diffusivity in the temperature range 900° to 1300°C. Meijerin 6 has studied oxygen permeability in this temperature range using bcc iron stabilized with 5 pct Sn. Other inves- tigators who have studied oxygen permeability in bcc iron at other temperatures are Schenck et al., 7 Bohen-kamp and Engell, 8 and Bradford. EXPERIMENTAL Electrolytic iron of 99.99 pct purity was alloyed to contain 0.897 pct P and 0.093 pct Al. The maximum weight percent phosphorous required to stabilize bcc iron between 910" and 1392°C is 0.51 pct as determined by Haughton,10 0.42 pct by Roquet and jegaden," and 0.58 pct by vogel,12 with the latter value preferred by Hansen.13 Microprobe analysis indicated that there was no segregation of the phosphorous either before or after permeability studies; therefore, the quantity of phosphorous added was assumed to be sufficient to stabilize the bcc structure. Furthermore, the permeability results of studies on this alloy agreed substantially with interpolated values from previous data on bcc iron.' An ingot of the Fe-P-A1 alloy was hot-rolled to a l-in.-thick slab. Specimens were machined to dimensions: 13/8 by $ by 1/4 in. The experimental apparatus and procedure used have been described before.' A constant oxygen potential was established by passing argon and hydrogen through a column of oxalic acid dihydrate, which has a water vapor pressure which is well-known as a function of temperature. Slab specimens were exposed to a gas mixture sufficiently lean in oxygen to prevent the formation of a surface oxide for predetermined temperature for selected times. The specimens were then quenched, sectioned, and examined metallo-graphically. All quenched specimens were iron-plated to provide protection from the outside sample edge during polishing. Fig. 1 shows a typical microstruc-ture for a specimen oxidized at 953°C for 48.00 hr at a water vapor-to-hydrogen pressure ratio of 0.20. DISCUSSION AND RESULTS The following equation was derived by Hepworth et al.' from Wagner's kinetic expressions for internal oxidation:

Jan 1, 1969

By Carl Zapffe

In ten years the manganiferous iron ores of the Cuyuna District have become impor-tant in the iron industry. By Dec. 31, 1923, 4,735,806 tons had been produced. Dur-ing the war, the low-phosphorus black ores were in demand; now the high-phosphorus low,-silica brown ores are favored. It is estimated that the reserves of these ores are ample for some time. A RISE in less than ten years from obscurity into great prominence economically, tersely summarizes the history and status of the Cuyuna manganiferous iron ores. The Cuyuna district produces and ships mostly high-phosphorus iron ore, but the annual production of manganiferous iron ore is increasing rapidly and productions from individual mines are becoming more regular and more dependable as to grades and tonnages. This ore bids fair to become, shortly, the principal product of the district and is responsible for the present economic prominence of this district. The iron ores of the district have been described, by the author and others, in many publications and will not be discussed here. Lately the manganiferous iron ores have been given some attention, but the range and variations of chemical composition of the ores, the principal physical characteristics of the ores and their deposits, the relative importance of the different ores and their possibilities in future developments, and the life of the respective reserves have not been discussed. It is impossible to give all of this information with the positiveness necessary for it to constitute a reliable guide for investment or even for future mine development. Each property and each party presents a special case and deserves critical consideration. We are dealing with special ores and always with a set of new conditions. Sufficient information of a general nature can be given, however, to indicate the reason for and the trend of the presently augmented developments in the district.

Jan 12, 1924

By AIME AIME

EVEN in the choice of his birthplace and parents, Donald B. Gillies indicated clearly the trend of his professional career. He was born on Nov. 4, 1872, at Bruce Mines, in Ontario. His father and mother came from the Isle of Skye, Scotland, to Nova Scotia, moved from there to Canada, and finally settled in the copper country in the northern peninsula of Michigan, where the senior Mr. Gillies followed mining as an occupation. Donald's early education was in the public schools and he graduated from Linden Lake (Mich.) high school in 1890. Following the family interest in mining he entered the Michigan Mining School, now Michigan College of Mining and Technology. There he was the rare student who excelled both in athletics and scholastic work. On the athletic field he was a crack football player and track roan. As early as 1890 lie established a record of 10 sec-

Jan 1, 1938

By AIME AIME

THE quarters provided for the session on Milling Methods, Monday afternoon, Feb. 17, were filled to capacity. Galen H. Clevenger presided and notables, such as A. W. Fahrenwald, A. O. Gates, F. A. Thomson, W. L. Zeigler and others who had not graced a milling meeting in New York in recent years, or per- haps even never before, were actually present and spoke "in person." The first paper, by A. W. Fahrellwald (T. P. 275), entitled "Classifier Efficiency ; An experimental Study," was summarized by the author, who clearly showed the inconsistency of determining the efficiency of a classifier by means of sizing tests, especially where the material classified consists of a mixture of minerals of different specific gravities. In place of sieve analysis the procedure recommended involves the use of a glass settling-tube which is considered to give ideal classification and thus serve as a standard against which mill classification will be compared and relative efficiency calculated. This procedure sounds logical. Perhaps the greatest difficulty may lie in securing an ideal classifier acceptable to every one.

Jan 1, 1930

By William J. Potter, Roger N. Pyle

Introduction The primary ingredient for survival of mining companies during a recessionary period is to be innovative and resourceful in the structuring and financing of operations. Over the past decade, many mining companies have had to retrench and restructure their operations and to redeploy their assets just to survive. During the same period, traditional sources of financing for mining companies -- commercial banks, subsidized export credit loans and long term straight debt financing in the public markets -- became less available and more expensive. Meanwhile, new markets and new financing instruments provided new alternatives for mining companies. Those companies which exploited these alternatives greatly enhanced their capacity for survival and even for profitability. This article considers the strategies adopted by some companies to adapt to changes in this recessionary environment; the inadequacy of traditional sources of financing; certain of the new financing instruments, structures and markets which have become available; and how several mining companies have utilized these new instruments, structures and financial markets to improve their competitive positions. THE IMPACT OF RECESSION ON MINING COMPANIES AND TRADITIONAL FINANCING SOURCES In its 1983 year-end article "The New Economic Order" Mining Journal characterized many of the large private sector mining companies with operations in the industrialized countries as being "gripped between the jaws of high working costs and stagnating metal commodity prices." The article went on to characterize the Canadian mining industry in particular as being "in the difficult position of having to seek to sell the bulk of its output in a world market characterized by over-capacity, where production costs were determined by internal political and economic factors while prices were set by external competitive forces of supply and demand." Miners of a wide range of commodities in the industrialized countries have come to realize that their domestic mineral resources are in many cases no longer competitive with global sources of supply. To compete and survive they would have to rely on their technical and financial expertise in mineral exploration and development and in mining and processing. Strategies For Survival Global competition has compelled management in the extractive industries to improve their worldwide cost position. This is the only means whereby a mining company can differentiate its product and attain a substantial competitive advantage. During the past decade, for example, ASARCO Inc. and Inco Ltd. chopped their payrolls, postponed expansion plans and otherwise retrenched. ASARCO reduced its capital expenditures and cash requirements for operations in 1984 to a level almost equal to its internally generated cash. The company's finances were also strengthened by increasing total lines of credit from outside sources, by selling common stock, and by reducing annual pension funding through a change in actuarial assumptions. Other companies returned to their traditional organizational structure where they had a demonstrated competitive strength. Consolidated Gold Fields, for instance, resumed its operation as a mining finance house. Its capital investment programs are now devoted solely to resource development. In mid-1984, at a time of firming zinc prices, Union Miniere S.A. used the opportunity to integrate its smelting capacity and to direct investment to certain subsidiaries at the expense of less viable operations. Smaller corporations realized that it was not enough just to be the low-cost producer. For example, Drummond Coal Company in Alabama, which dominates its regional market due to its low-costs, has also developed a world-wide trading capability and has placed incremental tonnage from its own mines as well as brokered coal produced by others, thereby minimizing capital risk. In Canada, Campbell Resources has exploited difficult times by acquiring assets cheaply. In the process it improved its capacity to withstand cyclical economic swings by diversifying from solely a copper and gold producer to a company based upon asbestos, coal, copper, gold and natural gas.

Jan 1, 1985

By E. L. Swarts

In the course of a program on high-temperature processing and electrowinning of uranium at the Knolls Atomic Power Laboratory,'' it became necessary to give attention to the interaction of molten uranium with graphite. Although it is known3 that a protective interface layer may form, details of this reaction have not been reported. Unfortunately it was impossible to complete the planned experimental program. However, the general problem is considered of sufficient interest to warrant reporting those preliminary results actually obtained. EXPERIMENTAL PROCEDURE Interface carbide layers were formed by melting samples of cleaned uranium metal in small closed graphite crucibles. Equilibrations were conducted in vacuo or in an atmosphere of dry helium at temperatures ranging from 1150" to 1400°C and for periods of from 24 to 240 hr.

Jan 1, 1960

By L. S. Darken

It has long been recognized that the driving force in an isothermal diffusion process may be regarded as the negative gradient of the chemical potential (partial molal free energy) of the diffusing substance. This equivalence is exactly analogous to the fact that a mechanical force is the negative gradient of the potential energy. Nernstl in 1888 expressed these driving forces in terms of osmotic pressure, which is directly related to the chemical potential and free energy. The relationship between the diffusivity, mobility and activity coefficient of electrolytes in aqueous solution has been developed in great detail by Onsager and FuossZ with results which have recently been confirmed experimentally by Harned and Nuttall. This interpretation of the driving force in isothermal diffusion has been discussed earlier by the author,4,5 who pointed out4 that "for a system of more than two components it.is no longer necessarily true that a given element tends to diffuse toward a region of lower concentration even within a single phase region"; departure from the behavior of an ideal solution may be so great that the concentration gradient and the chemical potential gradient, or activity gradient, may be of different sign, thus giving rise to "up hill" diffusion. Since, in the discussion of that paper,4 some skepti- cism as to the validity of this conclusion was expressed, it seemed desirable to adduce experimental evidence to support it. Evidence of such diffusion in nonmetallic systems has already been reported. For example, it was observed by Hartley" in a series of experiments in which sodium chloride diffused from a saturated solution in about 5 pct acetone in water into a solution virtually free of salt but with essentially the same acetone concentration. Specifically, a wine glass containing crystalline salt and saturated solution was totally immersed in a large glass cylinder containing the acetone-water solution without salt; the difference in specific gravity was such as to prevent convection. Diffusion of salt was accompanied by a marked depletion of acetone in the wine glass; after 3 days the acetone concentration decreased from 5.37 pct at the top of the glass, where the salt concentration was low (0.93 pct), to 1.84 pct at the bottom where the salt concentration was high (21.64 pct). This "uphill" diffusion was found to be such that the partial pressure (activity) of acetone was essentially equalized throughout the system when a steady state gradient of sodium chloride was maintained. In order to demonstrate the existence of such diffusion in metals, a series of four weld-diffusion experiments was made. In these measurements pairs of steel of virtually the same carbon content, but differing markedly in alloy content, were welded at the end and held at 10500 C for about two weeks. Subsequent analysis showed that carbon had diffused so as to produce an inequality

Jan 1, 1949

By Donald J. Worth

INTRODUCTION Minera Real de Angeles makes a very interesting case study in more ways than one. To begin with, it represents the first time a bulk silver deposit has been put into production in Mexico. Second, the feasibility and financing stage spanned a period when the silver price ranged from $4 to $40 per ounce. Third, there was a major devaluation of the peso and a financial crisis in Mexico at completion of the project. Fourth, the composition of the partnership (a major Canadian mining company, a major Mexican mining company and the host government's own mining entity) is worthy of note. This paper gives considerable background on the project and how it came to fruition. The political risk aspects and how the major provider of funds perceived Mexican risk at the time of decision to participate and afterwards are highlighted. LOCATION AND HISTORY The Real de Angeles deposit is located at an elevation of 2300 meters in Central Mexico in the State of Zacatecas (Figure 1). The closest village is Noria de Angeles, three kilometers to the north. The closest cities are Aguascalientes, Zacatecas and San Luis Potosi. The first-mentioned is one hour to the southwest by automobile over good roads. Exploitation of the vein outcrops probably began towards the end of the sixteenth century by the Spanish. Evidence of past mining activity is shown by numerous shafts, manways, dumps and ruins. Also, there were remnants of two rudimentary concentrating mills now obliterated by pit development and in the nearby town of Noria de Angeles the ruins of a small smelter still exist. Compania Minera Gamma, an affiliate of a major international mining company, investigated Real de Angeles from 1969 to 1971. Its evaluation program included 20 drill holes and comprehensive geological engineering and metallurgical studies. The results were not encouraging and the option on the property was dropped. In late August 1973 geologists representing Placer Mexicana which was later renamed Explomin were advised of the availability of the property and liked the prospects sufficiently to make an option payment soon due and to agree to outright purchase by year-end. A series of 34 holes were drilled by Explomin and a preliminary study indicated that the prospect had mine-making potential if the silver price was right. [ ] DESCRIPTION OF THE PROJECT Real de Angeles is best described as a large, low grade open pit silver mine because at today's prices approximately 70% of the realizable revenue is derived from that metal. One must also keep in mind that the operation produces two concentrates - a lead concentrate with high silver content and

Jan 1, 1985